Overlooked Alpha

Overlooked Alpha

Be Careful Betting On Back-To-Office

MillerKnoll has joined the office party, but the market is missing formidable long-term risks

Overlooked Alpha
Jul 26, 2023
∙ Paid

Highlights:

  • Office stocks are soaring right now. Furniture company MillerKnoll has climbed 42% in less than two months.

  • There’s a case for further upside: shares still look cheap, and guidance for fiscal 2024 suggests a bottom for earnings might be in.

  • Looks can be deceiving, however. We see significant short-term and long-term risks to the bull case.

  • Timin…

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